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CITY OF COLTON <br />AGENDA REPORT (Continued) <br />FOR COUNCIL MEETING OF SEPTEMBER 6, 1994 <br />SUBJECT: ADOPTION OF RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON DECLARING ITS INTENT TO REIMBURSE <br />CERTAIN 1994-95 CAPITAL IMPROVEMENT EXPENDITURES <br />FROM PROCEEDS OF INDEBTEDNESS <br />FINANCIAL IMPACT <br />The Electric Utility has included funding of the costs in the current fiscal year capital <br />improvements through the sale of electric utility revenue bonds. Until these are sold, funding is not <br />available except by use of departmental operating funds which will be repaid when bond funds are <br />received. <br />ENVIRONMENTAL IMPACT <br />There are no environmental impacts as a result of this action. <br />RECOMMENDATION <br />Staff recommends that the City Council adopt the attached resolution declaring its intent to <br />reimburse certain 1994-95 capital improvement expenditures from proceeds of indebtedness. <br />City Manager's Concurrence: <br />REPORT PREPARED BY THOMAS K. CLARKE, ACTING ELECTRIC UTILITY DIRECTOR <br />Page 2 of 2 Item No. <br />